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CLOSING COSTS OR NO CLOSING COSTS
» There are various fees and charges associated with the loan transaction. These fees and charges are called "Closing Costs" because most of them are paid at closing of your transaction. Closing Costs are paid to different companies and individuals for the services performed in connection with your loan. Closing Costs generally include: Origination Points and Fees, Lender's Charges, Credit Report fee, Appraisal fee*, Settlement (Escrow) and Title Insurance charges, recording and messenger fees.
Origination Points, or discount points are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your original loan amount. In refinancing of $400,000 loan amount, Closing Costs alone without points could run as much as $3,500. If you would add one point to it, entire Closing Costs including one point would be $7,500. This is the dollar amount you would save obtaining mortgage with us at the same interest rate for which you would pay these closing costs to another mortgage company or bank.
» No Points, No Closing Costs Option. - lender's credit. Closing costs, including points are covered by the lender funding the loan. Lender provides the credit to its client at closing to cover closing costs.. "No Closing Costs option is available for the purchase and refinancing, except in the purchase transaction Closing Costs in general are higher.and be covered in a whole If you choose the loan option to pay the closing costs instead of No Closing Costs loan, you may finance your closing costs in refinancing transaction only and include it into your new loan amount instead of paying it upfront in cash, out-of-pocket.. In this case your monthly loan payments will be higher for the amount of closing costs included amortized over number of months for your loan term.
In order to help borrowers compare loans, lenders use a standard calculation called Annual Percentage Rates (APR) which takes into account the closing costs. Every residential mortgage loan originator, including mortgage brokers, lenders and banks, must provide a mortgage applicant with the Loan Explanation form reflecting estimated closing costs in details.
There are many mortgage companies, such as banks, credit unions and larger mortgage institutions, which charge money upfront at the time of application. These fees could include credit check and appraisal fees. CalSun Mortgage does not charge any loan application fees or deposits upfront.
*Appraisal Fee - The appraisal fee is fully refundable in the case of No Points, No Closing Costs loan program.